# Finance Act 2012, Paragraph 35


(1) The Treasury may by regulations amend any of paragraphs 22(1), 23, 23A(4), 25A(1), 26(2) and (3), 26B(2) and 28(1) so as to increase or decrease the amount of a penalty for the time being specified in those paragraphs to reflect a change in the value of money.
(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3) Regulations under this paragraph do not apply to a failure or conduct that began before the day on which they come into force.
(4) The power to make regulations under this paragraph is exercisable by statutory instrument.
(5) A statutory instrument containing regulations under this paragraph is subject to annulment in pursuance of a resolution of the House of Commons.

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Source: https://www.legislation.gov.uk/ukpga/2012/14/schedule/38/paragraph/35 (the official version)
Page: https://openlegislation.uk/finance-act-2012/schedule-38/paragraph-35
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.